Bitcoin has failed twice this week to establish a foothold above $31,000. Data from Coinalyze shows futures traders are likely responsible for keeping the gains under check.
A rise in open interest alongside a decline in price is said to indicate an influx of bearish short positions in the market. Futures short positions are leveraged bets that profit from a decline in the underlying asset's price. BTC/USDT perp futures 5-minute candlestick chart and aggregated open interest in stablecoin-margined contracts. U.S. consumer price indexBitcoin printed a high of $31,000 immediately after the U.S. Labor Department released the CPI at 12:30 UTC only to fall back to $30,500 in the next one hour.
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